Fulton Street Ditches West Loop Condo Project for 40K SF Modern Bathhouse

In a surprising move, Alex Najem and his Fulton Street Companies have decided to veer away from their initial plans for a West Loop condo project. Instead, they are now embarking on the development of a commercial building designed to cater to a different purpose. This shift in strategy raises questions about the future of Chicago's condo market.

What’s the new plan: Working in collaboration with the distinguished architecture firm Gensler, Fulton Street Companies have set their sights on constructing a two-story, 40,000-square-foot "modern social bathhouse" at 1010 West Madison Street.

The scrapped idea: This alteration in the project's direction comes more than three years after Fulton Street acquired a 17,000-square-foot parking lot site with the vision of creating a 10-story structure featuring 25 luxury condos. These condos were originally planned to be priced in the range of $2 million to $6 million, marking a significant departure from the firm's typical commercial and residential development projects in the thriving West Loop neighborhood.

What to expect from the project now: A New York-based company known as Bathhouse has entered into a long-term lease agreement for the site, with plans to develop the building to suit its unique vision. Bathhouse aims to modernize the traditional concept of a bathhouse, placing a strong emphasis on the social aspect of the experience. The facility will offer a range of amenities, including saunas, steam rooms, pools, hammams, and more. Additionally, the development will feature a rooftop restaurant and pool, elevating the social and recreational aspects of the establishment.

The transition from a condo project to a modern bathhouse venture signals an interesting evolution in the real estate landscape of Chicago's West Loop. It reflects the adaptability and innovation that developers like Fulton Street Companies are employing to meet evolving market demands and trends.